“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” said YouTube Chief Product Officer Neal Mohan.
YouTube is looking at NFT integrations to provide new methods for creators to engage with fans and develop additional revenue streams.
The news comes just a few weeks after YouTube CEO Susan Wojcicki hinted that the platform can use Web3 “as a source of inspiration” for growth and possibly adopt NFTs on the website.
In a Feb. 10 blog post, YouTube's Chief Product Officer Neal Mohan outlined a long list of new products, tools and features that the firm intends to roll out in 2022, with Web3 tech, blockchain, NFTs and the Metaverse all getting mentioned.
Mohan stated that YouTube is actively seeking out new ways to provide additional support and options for its two million partnered creators after receiving feedback from the community.
After referencing that creators often struggle with coming up with new content ideas or figuring out what will be successful on the platform, Mohan pointed to Web3 tech such as NFTs as a potential solution:
Web3 also opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible.
In potential ways that creators could utilize NFT tech, Mohan suggested they could tokenize their videos, photos, art and experiences as a way to engage with fans.
“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” he said.
Mohan also paid tribute to the current major buzzword of the moment — “Metaverse”— as he outlined that viewers could expect some new ways to experience content via virtual reality. The YouTube exec stated that the firm will first tackle gaming, but did not reveal any specifics at this stage.
Finally, we couldn’t have a piece about innovation without touching on the Metaverse! We're thinking big about how to make viewing more immersive. The first area in which you can expect to see an impact is gaming, where we'll work to bring more interactions to games and make them feel more alive.
“It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers,” he added.
A major tech firm like YouTube outlining any plans to do with NFTs is courageous in the current climate considering the numerous times a public backlash has occurred following NFT announcements from firms such as Discord, Ubisoft and Team17 .
Common arguments from opponents include framing NFTs as cash grabs, scams, or responsible for environmental damage due to mining practices of some cryptocurrencies. Reporter for the left wing UK media outlet The Independent, Adam Smith highlighted the public perception among progressives against NFTs earlier today on Twitter, stating that:
“A YouTube spokesperson told me they have nothing more to share on huge environmental damage that NFTs cause even though Google is ‘dedicated to sustainability’ so that's great.”
He then offered a chance for YouTube or Google employees to complain to him for an article.
Proponents would of course point out that NFTs don't cause "huge environmental damage" at all, as the blockchains they are tokenized on would use the same amount of electricity regardless of whether NFTs are traded on them or not. And while the backlash is centered on the electricity consumption of proof of work blockchains, other chains hosting NFTs run on proof of stake which is more than 99% more energy efficient.
My Youtube content is not meant to be owned. That's why I make it available FREE. Who the hell thinks this is a good concept?— Brad Lynch (@SadlyItsBradley) February 10, 2022
I am so tired of this garbagehttps://t.co/3kjKzTnCjw
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.